Wednesday, October 8th saw the front-month NYMEX Natural Gas contract open at $3.457, $0.041 below Tuesday’s closing price of $3.498. Recording the intraday high of $3.464 ahead of 9:05AM, the contract proceeded to arc lower through the morning amid near-term demand uncertainty. Stabilizing near $3.330 by midday, prices fell to an intraday low of $3.316 at 12:35PM. November closed lower on Wednesday at $3.333.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 75 BCF injection to storage for the week ended October 3. This compares to an 82 BCF injection this time last year and a five-year average injection amount of 94 BCF.
As of 7:05AM this morning in Globex, WTI Crude was down $0.270; Natural Gas was up $0.005; Heating Oil was up $0.001; and Gasoline was down $0.002.
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842